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Applicability of as17

S.Vix (ARTICLED CLERK) (60 Points)

26 May 2015

TO WHICH KIND OF COMPANIES AS 17 WILL BE APPLICABLE UNDER COMPANIES ACT 2013. IF IT IS NOT APPLICABLE FOR SMC WHAT IS THE DEFINITION FOR SMC

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CMA Poornima Madhava (CMA) (13097 Points)
Replied 26 May 2015

SMC means Small and Medium sized Companies.

AS17 is not mandatory for SMCs.

https://www.icai.org/new_post.H T M L?post_id=3046&c_id=25

If AS mentions that it is not mandatory for certain class of companies, it means that it is applicable for other than such specified class of companies.

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S.Vix (ARTICLED CLERK) (60 Points)
Replied 27 May 2015

WHAT IS THE CRITERIA FOR SMC UNDER COMPANIES ACT 2013

CMA Poornima Madhava (CMA) (13097 Points)
Replied 27 May 2015

Small and Medium Sized Company” (SMC) means, a company-

(i) whose equity or debt securities are not listed or are not inthe process of listing on any stock exchange, whether in India or outside India;

(ii) which is not a bank, financial institution or an insurancecompany;

(iii) whose turnover (excluding other income) does not exceed rupees fifty crore in the immediately preceding accounting year;

(iv) which does not have borrowings (including public deposits) in excess of rupees ten crore at any time during the immediately preceding accounting year; and

(v) which is not a holding or subsidiary company of a company which is not a small and medium-sized company.

https://www.mca.gov.in/Ministry/notification/pdf/Notification_GSR_739.pdf

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